Economic Modeling Specialists International (EMSI) has released a report showing that The University of Texas at El Paso contributes $1.4 billion to the local economy.
In the 2013 fiscal year, UTEP’s payroll and operations spending, together with the spending of its students, visitors and alumni, made up the total impact on the El Paso County economy. The $1.4 billion is equal to approximately 5.4 percent of the total gross regional product (GRP) of El Paso County, and is equivalent to creating 26,499 new jobs.
“For generations, UTEP has played a major role in creating higher education opportunities that profoundly impact our students, their families and the surrounding community,” said UTEP President Diana Natalicio. “We are very proud of the University’s sustained contributions to the economy, prosperity and quality of life of the Paso del Norte region.”
The report, “Demonstrating the Collective Economic Value in Texas Added by Colleges and Universities Represented by Three Statewide Higher Education Associations,” also found that the three sectors of higher education in Texas (public universities, community and technical colleges, and independent universities) have a combined economic impact equivalent to nearly 11 percent of the state’s gross state product. Colleges and universities in Texas are drivers of the state’s growing economy.
For every dollar a student invests in an education at UTEP, that student will receive $3.30 in higher future income, for an average annual rate of return of 13.8 percent, according to the report.
Society benefits too, gaining $7.80 in added state income and social savings for every dollar invested in UTEP. Taxpayers also see a return, as every dollar they spend to support UTEP’s operations adds $4 in added taxes and public sector savings.
UTEP’s total economic impact breaks down into the following categories:
– Operations spending impact: $294.3 million in added county income, which is equivalent to creating 4,167 jobs.
– Research spending impact: $59.3 million in added county income, which is equivalent to creating 1,147 new jobs.
– Student spending impact: $33.6 million in added county income, which is equivalent to creating 807 new jobs.
– Visitor spending impact: $61.7 million in added county income, which is equivalent to creating 1,739 new jobs.
– Alumni impact: $954.2 million in added county income, which is equivalent to creating 18,639 new jobs.
The full UTEP economic impact report is available upon request.